Ahlibank’s Net Profit QR 176 million for the first quarter of 2018
19 April 2018
Ahli Bank (QPSC) (ABQK) announced a net profit of QR 176.1 million for the first three months of 2018, an increase of 3.6% or QR 6.1 million over the same period last year.
Ahli Bank (QPSC) (ABQK) announced a net profit of QR 176.1 million for the first three months of 2018, an increase of 3.6% or QR 6.1 million over the same period last year.
Summary Financial Highlights:
- The Bank’s Balance Sheet grew by 4.7% over March 2017 to QR 39,644 million, driven by growth in Loans and Advances, which grew by 13.7% to QR 30,508 million.
- Total Customer Deposits increased 9.2% as against March 2017 to QR 24,115 million, despite challenging market conditions.
- Total Operating Income increased by 2.8% to QR 260.8 million on account of higher Net Interest Income as higher loan balances and asset re-pricing more than offset the increased funding cost and due to higher Other Operating Income year over year.
- Cost to Income Ratio for the quarter improved to 30.0%, reflecting efficient management of Bank’s operations.
- The Return on Average Assets (ROAA) and Return on Average Equity (ROAE) stood solid at 1.84% and 13.9% respectively, despite higher asset balances and equity base.
- Non-Performing Loans Ratio (NPL) stood at 0.96% as of March 2018 reflecting Bank’s focus on asset quality over balance sheet growth. Loan loss provisions, including IFRS 9 expected credit losses as of March 2018 were sufficient to cover 214% of Non-Performing Loans.
Commenting on the results,
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated, “I am pleased to announce that the Bank started the year on a positive note with an increase of 3.6% net profit in first quarter compared to the same period of last year. The capital adequacy ratio of the Bank remained at 16.7% well above the regulatory requirements. These results highlight and confirm that we are on the right trajectory in delivering sustainable results. During the quarter we continued our focus on liquidity and cost control which is reflected in our steady performance. The growth in customer deposits adds strength to our funding profile.”
The Chairman added, “I would like to thank everyone who has contributed to these good results. I appreciate the dedication of our management and staff, commitment of our Board of Directors and shareholders, and the Qatar Central Bank for their leadership, support and guidance. I also want to thank our customers for their continuous loyalty towards Ahlibank brand and for choosing Ahlibank for their financial services.”